Pi­ra­mal En­ter­prises Buys Of­fice Space from Group Co

The Economic Times - - Companies: Pursuit Of Profit - Kailash.Babar@ times­group.com

Mumbai: Pi­ra­mal Re­alty, the real es­tate arm of the Pi­ra­mal Group, has sold com­mer­cial space, in­clud­ing an en­tire build­ing in Kurla lo­cal­ity of Mumbai, to Pi­ra­mal En­ter­prises for ₹ 439 crore, said a top com­pany of­fi­cial.

Pi­ra­mal En­ter­prises has bought to­tal 1.8 lakh sq ft car­pet area in its Agastya Cor­po­rate Park project, in- clud­ing an en­tire build­ing Pi­ra­mal Ananta and ad­di­tional space in the up­com­ing build­ing Pi­ra­mal Amiti.

The build­ing, Pi­ra­mal Ananta, is part of phase 1 of the com­mer­cial com­plex be­ing de­vel­oped by the real es­tate de­vel­oper. Phase1of Agastya Cor­po­rate Park com­prises three in­de­pen­dent of­fice build­ings.

Pi­ra­mal Re­alty has com­pleted the first phase with nearly 9 lakh sq ft of­fice space out of the to­tal 1.9 mil­lion sq ft project spread over to­tal 16.2 acres. Agastya Cor­po­rate Park is the com­pany’s first com­mer­cial de­vel­op­ment with to­tal in­vest­ment pegged at ₹ 2,400 crore, in­clud­ing land and project ex­e­cu­tion costs.

Pi­ra­mal En­ter­prises is plan­ning to con­sol­i­date its op­er­a­tions at this newly-ac­quired build­ing while re­tain­ing its head­quar­ters at Lower Parel. The com­pany will con­sol­i­date over 800 em­ploy­ees and their op­er­a­tions at the com­mer­cial hub.

“We are open to both leas­ing and sell­ing of­fice spa­ces in Agastya Cor­po­rate Park on an out­right ba­sis. But we’ll lease more than sell as we be­lieve the area will be trans­form­ing go­ing for­ward, and we can ride on the ex­pected ap­pre­ci­a­tion then,” Anand Pi­ra­mal, ex­ec­u­tive di­rec­tor, Pi­ra­mal Group, told ET.

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